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April Market Report - April Numbers Confirm that Edmonton is Now a Home Buyer’s Market in 2018

Summary:

If you are in the market for a new home, this is the time to buy. There is a now a wide selection of homes available and you may be able to negotiate a significant discount.

Read the details by scrolling through the report.

Numbers Sold:

Perhaps the best news for sellers in April 2018 is that we saw 1131 homes sell. This confirms the overall size and strength of the market in Edmonton. However, this is the time when we look for sales volume to remain robust and perhaps even increase. There were 39 fewer sales than in 2017.

Days on Market:

Home buyers continue to take their time when selecting homes in April 2018. Average days on market increased by 2 days compared to the same time last year. Considering the much higher inventory levels, this is encouraging. For most home sellers, 54 days is acceptable.

Sales Values:

Home buyers were emboldened in April 2018 and on average managed to secure discounts of around $15,500 compared to purchasers last year. This amounts to a 4% drop in values.

This trend represents a significant opportunity for buyers and sellers should reset their expectations.

Month End Inventory:

Compared to the end of April 2017 there was 945 MORE listings for sale this year. This equates to a 6-month supply.

Ideally, we hope for a 3 or 4 months’ supply of homes for sale to maintain some rigor in the market. Until supply comes down, values will be challenged.

All information was extracted from the Edmonton MLS® System. This report is provided for informational purposes only. We do not warrant or guarantee the accuracy of the information in any way. Readers are advised to complete their due diligence and should not necessarily take action based on the information contained herein.